Electric parts business owners in India are complaining that they’re facing extortionate prices in the country that makes up more than 70% of the global market.
According to industry expert Raja Krishnan, electric parts manufacturers in the state of Tamil Nadu have been demanding prices of over Rs 21,000 for their products.
According the experts, the cost of assembling the electric power supply for these parts has increased to over Rs 10,000.
The demand for electric appliances is driving demand for new and better quality electric products.
While the supply of electric power has decreased due to drought, the demand for high-quality electric appliances has increased, Krishnan told BusinessLine.
“In India, there is a demand for more electricity, which is why manufacturers are demanding higher prices.
I am sure that the demand will go up even as the supply goes down,” Krishnan said.
Electrical strikesKrishnan, who is the president of the Indian Association of Industrial Electric Power Producers (IAPEP), said the rising demand for electricity is due to the ongoing strike in the electricity sector.
“The demand has increased as a result of the strike.
People are tired of the current conditions,” he said.
According a report from IndiaSpend, the number of strikes in the industry had hit a record of 2,000 in April.
The strikes are mainly confined to state-run electricity utilities, where the strike was declared in February this year.
Krishnans group has been collecting data on the prices of electric products to inform the consumer about the prices that are being charged in the market.
He said he has also been providing a list of products that are currently being manufactured.
Karen Bhalla, CEO of Kalyan Power, which manufactures electric heaters, said she has been hearing of an increasing demand for her products in the last few months.
“It is a growing demand.
The demand is going up.
Our demand is increasing as well.
But we are trying to provide the best quality products.
The supply is also increasing.
The price of products are also increasing,” she told Business Line.
Electric StrikeThe demand of the demand is so high that Kalyans suppliers have had to start taking action.
“The prices are going up and the demand, too, is increasing.
So we are taking action,” Bhalla told Business Mail.